Plastic packages processing plant to be built in Pirallahi district
By Rashid Shirinov
The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry has started receiving investment projects on priority development areas of the Pirallahi region, the Economy Ministry reported on November 6.
Following a business forum, NFES considered it appropriate to start accepting proposals of entrepreneurs on financing startups, investment projects to create olive and almond farms, as well as facilities on sock manufacturing and processing of plastic and polyethylene packages.
Entrepreneurs can apply to the Fund through authorized credit organizations, in accordance with the rules for using the funds of the NFES. At the request of entrepreneurs, small projects can be fully financed through concessional loans.
As for Pirallahi, the island district of Baku has good prospects of turning into a significant industrial zone of the country. Along with the investment assistance by NFES, the district will soon enjoy the Pirallahi Industrial Park. Its establishment was launched in September 2016 to improve the situation in the pharmaceutical industry of Azerbaijan. The plant of the country’s Diamed C company and two pharmaceutical plants with foreign capital, namely, Azerbaijani-Russian and Azerbaijani-Iranian plants, are being currently built in the Park. A similar agreement has been recently signed with Ukraine’s Indar company.
The NFES, created in 1992, issues loans to entrepreneurs through authorized banks and non-bank lenders. During the first half of the year, the Fund contributed to the creation of 2,300 new jobs in Azerbaijan.
The main goal of NFES is to provide preferential loans from the state budget for small and medium business in order to develop entrepreneurship in the country. In general, the Fund plans to allocate 150 million manats ($88 million) for granting preferential loans to entrepreneurs in Azerbaijan until the end of 2017.
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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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